European markets shrug off Greece fears

Emma Haslett
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Greece sits down to further negotiations with Eurogroup leaders on Friday (Source: Getty)
European markets started the day stronger, shaking off worries over Greece's ability to negotiate with its lenders.
The FTSE 100 rose one per cent in early trading, while Germany's Dax jumped 1.18 per cent and France's Cac rose 0.9 per cent.
The gains followed an announcement overnight by China's central bank that it will cut the amount local banks are required to hold in reserve - the second such cut in as many months.
Meanwhile, Brent Crude built on last week's gains, jumping 0.52 per cent to $63.78 per barrel.
But despite the positive signs from the east, things closer to home looked less encouraging. This week all eyes will be on negotiations between Greece and its lenders, as the country approaches a punishing programme of repayments to the IMF, beginning in May. Today it was due to pay the European Central Bank (ECB) €79.8m (£56.8m), while its leaders are set to return to the negotiating table on Friday.
Bondholders continued to offload the country's debt this morning, sending yield on three-year notes close to 27 per cent, an all-time high.
"More work, much more work is needed now and it's urgent," he said.
"We all want Greece to succeed. The answer is in the hands of the Greek government."
However, Spreadex financial analyst Connor Campbell worried it may be too little, too late.
"Hopes look like they will have to stretch beyond Friday’s Eurogroup meeting, with sentiment in the region largely suggesting that there will be little in the way of formalised action by the end of the week.
"Regardless, the tone is less doom-laden this Monday morning, and has allowed the Eurozone indices to escape from under the dark clouds that were covering the markets last Friday to post gains after the bell."

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